The company has acquired a 25-acre piece of land in the “Future City” project in New Cairo, and is in the process of finalizing the contract with “Madar” company for investment and urban development, the general developer of “Future City”.
According to Diaa El-Din Farag, the Chairman of the Board of Directors of Home Town Real Estate Development Company, the company aims to implement a residential, commercial, and administrative project on the new piece of land with expected investments of around 8 billion Egyptian pounds. This is part of the company’s plan to expand in the real estate market and increase its business volume.
Farag explained that the company has acquired two pieces of land of various sizes in the “West Asyut” city to implement two new projects with expected total investments of approximately 10 billion Egyptian pounds. He also mentioned that contracts have been signed with the Urban Communities Authority, which owns the land.
Home Town has contracted with 50 brands in its projects in the administrative capital.
The first piece of land, covering an area of 33 acres, will be used for a multi-use residential project, while the second piece, covering an area of 17 acres, will be used for a commercial and administrative project. This is part of the company’s plan to expand in Upper Egypt cities and offer a range of diverse real estate projects.
The Chairman of the Board of Directors of Home Town Real Estate Development Company stated that the two projects will be put up for sale in June.
Farag added that the real estate market faces several challenges, including the increase in prices of building materials such as iron and cement, high inflation rates, and a shortage of imported materials in the markets, which leads to higher implementation costs for developers and imposes significant financial burdens that hinder their ability to complete their ongoing projects. He also predicted an increase in real estate prices by at least 45% in 2024 if there are no new market variables. He explained that the market witnessed price increases ranging from 30% to 45% in 2023.
He emphasized that the company is currently focusing on accelerating the implementation rates of its projects to avoid any financial losses resulting from price differences, while ensuring adherence to the project schedule and delivering to customers on time.
